Former British Prime Minister Johnson announced last Sunday that he would not run for the leader of the Conservative Party, ending his brief and high-profile attempt to regain the position of prime minister more than three months ago. Amid political turmoil and severe economic challenges, his withdrawal has made former Finance Minister Sunak a popular candidate for Britain's next prime minister, which will be Britain's third prime minister this year.
00 on October 24, Beijing time, the British Conservative Party held the first round of candidates for party leader votes. The candidates must receive at least 100 votes to become candidates. The results are expected to be announced at 1 a.m. the next day. At 01:00 on October 25, Beijing time, the British Conservative Party announced the list of candidates for party leaders. If there is only one candidate, a new British Prime Minister may be born. If there are two or more candidates, a new British Prime Minister will be decided on Friday.
Sunak's Education and Family Background
42-year-old Sunak will become the youngest British Prime Minister in more than 200 years and the country's first South Asian leader.
In 1980, Sunak was born in Southampton on the south coast of England. His parents were Indians, and they were both born in East Africa . He grew up in a middle-class family, with his father being a family doctor and his mother being a pharmacist. He described how his parents saved money for him to receive a private education, and he attended Winchester College, one of the most fashionable and expensive boarding schools in the UK.
After graduating from high school, Sunak studied philosophy, politics and economics at Oxford - the preferred degree for the future prime minister - and then obtained an MBA at Stanford .
He worked as the hedge fund manager at investment bank Goldman Sachs and lived in the United States, where he met his wife Akshata Murty. They have two daughters. After returning to the UK, Sunak was elected as a member of the Conservative Party’s security seat in Richmond, Yorkshire in 2015 and served several junior ministerial positions until he was appointed Chancellor of the Exchequer by Johnson in early 2020, just before the pandemic arrived.
Sunak’s Policy
As a natural low-tax politician, Sunak worships former Prime Minister Thatcher, and despite this, he has put out billions of dollars in government funds to keep people and businesses running during the pandemic. His leave plan pays wages to millions of temporary fired workers, making him the most popular member of the government.
He described himself as a candidate with mature decision-making and financial integrity, saying that his competitors' tax cuts were reckless and vowed to control inflation.
He often mentions his political idol Mrs. Thatcher , but despite this, his competitors have portrayed him as a left-wing, tax-focused and expenditure-focused politician and have been vilified by Johnson's allies.
Sunak is a popular candidate among Conservative MPs, but now he must win wider party support, his sleek image may be an asset or a burden.
investment banks are still bearish pound
Market insiders believe that no matter who will become the successor of British Prime Minister Trass, one thing is clear - pound pound will continue to fall.
Canadian Imperial Commercial Bank strategist Patrick Bennett said the pound is expected to continue under pressure and fall to 1.09 by the end of the year, and investors' confidence in British bonds and pounds will take time to recover. Now that the political situation in the UK is turbulent, it is becoming increasingly difficult for investors to restore confidence.
In addition, the key events that determine the trend of the pound in the future may be the announcement of fiscal plans and the Bank of England's rate hike , but earlier news said that the announcement of 's medium-term fiscal plans was postponed again, and the Deputy Governor of the Bank of England also said that it did not confirm whether central bank needs a significant rate hike.
Beijing time on October 24, 11:26, the pound pound was 1.1306/07 against the US dollar.
